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ATO dusts off the “lifestyle asset” microscope

If you own a marine vessel, perhaps a thoroughbred horse or two, have a piece of fine art hanging on a wall, high value motor vehicles in the garage or an aircraft in the shed, it could be time to make sure your tax affairs are in order.

The ATO announced in the latter part of last year that it will be requesting a further five years’ worth of policy information from more than 30 insurance companies (see which ones below) about taxpayers who own what it dubs “lifestyle assets” such as mentioned above.

Insurers have been asked to provide the ATO with policy details over certain asset value thresholds as part of the revenue agency’s efforts to ensure taxpayers are fulfilling their tax and super reporting obligations. Readmore